Cantor Fitzgerald cuts 89bio stock target to $55; keeps overweight
Investing.com
Published May 02, 2025 11:09AM ET
On Friday, Cantor Fitzgerald adjusted its financial outlook for 89bio Inc . (NASDAQ:ETNB), a clinical-stage biopharmaceutical company. The firm's analyst set a new price target of $55.00, a slight decrease from the previous $58.00, while maintaining an Overweight rating on the company's stock. According to InvestingPro data, ETNB's stock has shown strong momentum, gaining over 17% in the past week, though it remains approximately 27% below analysts' average price target.
The adjustment followed the release of 89bio's first-quarter 2025 earnings. In response to the financial results, the Cantor Fitzgerald analyst reaffirmed their positive stance on the stock, citing continued confidence in the potential of 89bio's lead product candidate, pegozafermin. The analyst's bullish thesis is based on the expectation that pegozafermin will prove effective in ongoing Phase 3 trials for both non-cirrhotic and cirrhotic MASH—a severe liver condition. InvestingPro analysis shows the company maintains a strong financial position with more cash than debt and a healthy current ratio of 13.19, though it's currently burning through cash rapidly as it advances its clinical programs.
89bio has a pipeline of trials in progress, with several key milestones anticipated in the near future. The company expects to present topline results from the Phase 3 ENTRUST trial in severe hypertriglyceridemia (SHTG) in the first quarter of 2026. Additionally, 89bio is on track to deliver topline histology data from the Phase 3 ENLIGHTEN-Fibrosis trial in F2/F3 MASH in the first half of 2027, as well as from the Phase 3 ENLIGHTEN-Cirrhosis trial in compensated F4 MASH in 2028. These dates remain unchanged, indicating steady progress in the company's research and development efforts.
The Cantor Fitzgerald analyst's commentary underscores a long-term investment perspective, reflecting a belief in the underlying science and potential market impact of 89bio's therapies. With these anticipated trial results, the company aims to address significant unmet medical needs in the treatment of serious lipid and liver diseases. InvestingPro reveals strong analyst consensus, with multiple additional insights and metrics available in the comprehensive Pro Research Report, which provides deep-dive analysis of ETNB's financial health, market position, and growth potential.
In other recent news, 89bio Inc. has made several notable announcements that are of interest to investors. Cantor Fitzgerald has reiterated its Overweight rating on 89bio, maintaining a price target of $29.00, reflecting confidence in the company's financial position and the timelines for its Phase 3 trials of pegozafermin. The company ended the previous year with $440 million in cash and raised an additional $288 million this quarter. In contrast, H.C. Wainwright has adjusted its price target for 89bio to $21 from $29, while still maintaining a Buy rating. This adjustment follows the company's decision to extend the unblinding schedule for its Phase 3 ENTRUST study of pegozafermin for severe hypertriglyceridemia, now expected to report top-line data in early 2026.
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Goldman Sachs has initiated coverage on 89bio with a Neutral rating and a price target of $11.00, highlighting the potential of pegozafermin but adopting a cautious stance pending further data. The firm is particularly attentive to developments in the NASH treatment landscape, which could influence pegozafermin's regulatory pathway. Additionally, 89bio's CEO, Rohan Palekar, was awarded 200,000 restricted stock units as part of a retention strategy. These RSUs will vest over a two-year period, contingent on his continued service to the company. These developments underscore the dynamic environment in which 89bio is operating as it advances its clinical programs.
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Written By: Investing.com
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